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What I mean by price as an indicator is that the price making new highs is
bullish and new lows is bearish. The way to trade this is pretty much your
standard channel breakout type trend following system (highest high/lowest low
of n days). Not sexy, but very basic and as Richard Dennis and his tortoises
have shown, profitable over time. Just think how a simple system like that
would have done in the S&P's the last three years.
Howard Bernstein
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